E-commerce, the buying and selling of products and services on the internet, is growing with no indication of slowing down. Today, U.S. consumers spend anywhere from $1000 – $1200 online every year on average. In addition, e-commerce only accounts for about 7% of sales in the U.S.
Here are some statistics that will give you a preview of just how much e-commerce is going to grow in the next 3-5 years.
- 192 million consumers will be shopping online – up 15% from 2011. [According to Forrester Research]
- Consumers will spend about $1700 online every year – up 44% from 2011. [According to Forrester Research]
- U.S. consumers will spend $327 billion online – up 62% from 2011 when consumers only spent $202 billion online. [According to Forrester Research]
- Clothing & Apparel will continue to be the leading product category in e-commerce. Consumers spent $34 billion on apparel in 2011 and are slated to spend $73 billion in 2016. [According to eMarketer]
- M-Commerce will become relevant. Sales from mobile devices will explode from $6.7 billion in 2011 to $31 billion in 2015
- Social commerce will drive $15 billion in sales up from just $1 billion in 2011.
These numbers paint a rosy picture of the state of e-commerce in the next 3-5 years. Today, retailers (especially brick & mortar retailers) must focus on developing/executing the tactics and strategies they need to be successful online. In addition, they will need to start implementing the tools and platforms that will best allow them capitalize on the rapid growth of online retail. Those who don’t will most surely fall behind.